In 1894 AD, ancient Babylon was born. As the first dynasty of mankind, a system of social credit also existed. After a long history of development, the world’s social credit system has been dominated by the government, with developed countries in Europe and America acting as major stakeholders. The central credit registration system in these countries is the institution that serves the central bank or the commercial banks that carry out monetary policy.
A centralized credit registration system is only the internal credit risk control tool of the bank, but can not replace a social credit system. The emergence of local social credit intermediaries in Europe, America and other countries has complemented the central credit system. However, there are many illegal profit schemes in the private credit investigation organizations.
On January 3, 2009, the Bitcoin Genesis Block was first mined, bringing forth the blockchain revolution. It has brought to the world a revolutionary decentralized credit system, laying a solid foundation of “trust” and creating infinite possibilities.
Today, the GSN (Global Sponsorship Network) is based on blockchain technology. It uses open source technology based on cloud storage providers DCDMF (Distributed Credit Data Management Framework) which is the personal credit data management framework. Through this framework, the user can quickly use the data as required, and export credit data in the GSN platform to carry out social activities.
In the system design of GSN, people can choose whether to participate in the economic cycle matching mechanism according to the credit report provided by the platform and the ledger data of the blockchain explorer, so that the market can operate under the decentralized service. In this way, the choice based on credit in the platform goes back to the user, rather than to the third party intermediary. Market participants are rewarded through the AI algorithm of the GSN platform, which is configured according to the amount of data and uses the blockchain system.
GSN (Global Sponsership Network) has been committed to creating a circular economy scenario suitable for the mass market, adhering to the purpose of providing the most suitable financial services for everyone.
- Create Value with Credit
In view of the development status of the social credit system, GSN adopts a decentralized and transparent data disclosure system to establish a flat user operation platform covering a vast variety of business industries and provide social credit inquiry windows for enterprises and individuals to accelerate the circulation of social finance.
- Achieve Quality with Service
Compared with the traditional central credit rating and social intermediary credit service agencies, the GSN credit platform uses blockchain technology and distributed storage. On such a “public ledger” platform, the security, circulation and convenience of use outclasses any previous complex and cumbersome centralized credit platform.
● Looking to the Future with Science and Technology
With the development of economic globalization, trans-regional and trans-national social and economic activities are increasingly frequent, and the credit system in many regions of the world has lost its significance. GSN has established a decentralized credit system that is in line with the global economy. Across the world, GSN membership has expanded to 58 countries. In the future, GSN will continue to build a world-class social credit system and deepen the influence of GSN’s social credit through groundbreaking technology.
In 2020, when the global epidemic broke out, about 20.5 million people in the United States lost their jobs, and the unemployment rate soared to 14.7%, which is the highest since the 1930s except for the Great Depression. In Europe, 10% of small and medium-sized enterprises face bankruptcy, and most people are at risk of losing their jobs.
On the back of this global outbreak, the GSN Global Social Credit System has helped countless families and businesses with integrity.
At this point, let’s go back to our original dream to achieve the future with credit, and break national boundaries to build a community with a shared future for mankind — GSN.
We hope everyone gets rich and has a more prosperous life!
Arnav Reddy was an iconic writer known for his science-fiction and high fantasy short stories. He was raised in a household in which the exploration of article ideas and fact-finding was encouraged. He became one of the most decorated writers in the publishing fraternity, winning multiple prizes for his excellent writing.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Times of Chennai journalist was involved in the writing and production of this article.